Marriott wants to push further into travel & homesharing
Marriott International is a powerhouse within the luxury sector. Already the world’s biggest hotelier, it includes some of the hospitality industries most sought after brands. Now, it wants to push further into the travel industry, becoming a part of its customers’ journey beyond the hotel doors. This isn’t new information – the company has been open about its plans to push into this space for some time. But a recent interview with company’s chief commercial officer, Stephanie Linnartz, adds some information on how it plans to do it.
Marriott’s share price has appreciated by 31% so far year to date
Source: Yahoo Finance
According to Linnartz, Marriott has a very clear pathway in mind when it comes to inserting itself into the wider travel space: technological investment in its loyalty program. As a first move, that means using this platform (called “Bonvoy”) – which was announced fairly recently itself and sets a new industry standard in regards to rewards schemes – by applying machine learning to harvest insight from customer data and partnering with big tech players around the world.
Linnartz said: “We want to be involved in the travel journey beyond the four walls of a hotel. Travel is a big space. There will be a lot of winners at the end of the day. The winners will be those who think about the guest experience holistically.”
Bonvoy is the key to this strategy. The company has seen strong early success in the homesharing market with its Homes & Villas by Marriott brand, and that’s largely down to Bonvoy customers (90% of bookings, in fact) who are looking at new ways to earn rewards. Linnartz explained: “The difference [between our offerings and others in the market] is it’s branded, and we have very strict criteria about how you [properties] get in. But the most significant difference is the ability to use Bonvoy perks. We wanted to make Bonvoy stickier, deeper, richer, so it’s not surprising the bookings are mainly from loyalty.”
Dominion holds Marriott International in its Global Trends Luxury Fund.
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